Newsletter Aug 10, 2023

Quick Six

Biden announces curbs on US investments in Chinese tech
President Joe Biden on Wednesday issued an executive order aimed at restricting certain American investments in sensitive high-tech areas in China -- a move that could further strain ties between the world's top two economies. The rules target sectors like semiconductors and artificial intelligence, as the US seeks to limit access to key technologies. The program plans to prohibit new private equity, venture capital and joint ventures investments in advanced semiconductors and quantum information tech.
SEE WHAT BIDEN SAID ABOUT THE NEW RESTRICTIONS

Moody's blues: Investor group targets US banking sector
Moody's Investor Service Inc. is putting the US banking system on notice. In a Monday note, Moody's, a risk assessment firm, downgraded the credit ratings of seven of the 20 largest U.S. commercial banks. Ranked in terms of total consolidated assets, all 20 were included on the list for either receiving a downgrade, being placed under review or receiving a negative outlook.
SEE THE LIST OF US BANKS PUT ON NOTICE BY MOODY'S

Slumping Disney+ ponders Netflix-like password crackdown
Disney reported that its Disney+ streaming service lost more than 10 million subscribers in the second quarter, in large part due to the Indian market. Disney+ finished the quarter with 146.1 million subscribers. Disney+ is considering following rival Netflix's lead, recently reported that its subscriptions climbed by nearly six million in the wake of its crackdown on password sharing.
WHY DISNEY IS CONSIDERING UNLOADING ITS TV ASSETS

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Japan: Nikkei 225	32,473.65	0.84%
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* As of market close

Hollywood writers' strike marks 100th day

Hollywood writers marked the 100th day of their industry-crippling strike Wednesday, dubbing the occasion a "milestone of shame" for studios as the two sides remain deadlocked. Film and TV writers walked out in May over demands for better pay and residuals, guarantees over the use of AI, and other working conditions. The Writers Guild of America strike swiftly brought countless film shoots to a halt, costing the industry millions of dollars each day, as the two sides have barely spoken since.

TIME IS ON THE SIDE OF HOLLYWOOD ACTORS AND WRITERS

White House holds AI contest to halt hacks

The White House on Wednesday launched a competition offering millions of dollars in prize money for creating new artificial intelligence systems that can defend critical software from hackers. Competitors vying for some of the $18.5 million in prize money will need to design novel AI systems that quickly find and fix software vulnerabilities in electric grids, subways or other networks that could be hacked.

SEE HOW MUCH PRIZE MONEY IS UP FOR GRABS FOR USERS

Australia could be test site for US missiles

Australia could be a testing ground for US hypersonic and other long-range precision weapons under the AUKUS pact, a top Pentagon official said. US Army Secretary Christine Wormuth said Australia's contribution to the three-way AUKUS agreement "doesn't always have to be dollars". The pact, which includes the UK, was signed in late 2021 as a way of countering China's growing clout in the Asia-Pacific region.

HOW AUSTRALIA'S ROLE IS GROWING IN COUNTERING CHINA

Extra point

Australia has the highest median wealth per adult in the world. How much, and how does it compare to the US?

Wednesday's answer: Death Valley recorded its hottest midnight temperature on July 17, hitting 120 degrees Fahrenheit (48.8 Celsius).

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